CHICAGO, Oct. 22, 2021 /PRNewswire/ -- According to the research report "Smart Agriculture Market with COVID-19 impact analysis by Offering, Agriculture Type (Precision Farming, Livestock Monitoring, Precision Aquaculture, Precision Forestry, Smart Greenhouse), Application, Farm Size, & Geography – Global Forecast to 2026", published by MarketsandMarkets™, the Smart Agriculture Market is expected to grow from USD 12.9 billion in 2021 to USD 20.8 billion by 2026; it is expected to grow at a CAGR of 10.1% during the forecast period. The smart agriculture market witnessed a decline in 2020 owing to the spread of COVID-19. The outbreak had adversely impacted the supply chain of the smart agriculture market, as some of the prominent players are based in China and the US, and these countries were the worst affected countries in the pandemic in the first half of 2020. The market is expected to witness a U-shaped recovery in 2021 with the rising demand for equipment and automation products in various applications, such as precision farming, precision livestock, precision aquaculture among others.
AI and Data Analytics to have the highest CAGR of precision farming software market during the forecast period
AI and data analytics are gaining popularity among farmers. With the help of AI, farmers can analyze weather conditions, temperature, water usage, soil conditions, and others. Precision agriculture uses AI to detect pests in plants and about plant nutrition. AI helps in creating seasonal forecasting models to improve agricultural accuracy and productivity. As the penetration of technology is increasing in the world, its demand in smart agriculture market.
Feeding management is expected to lead precision aquaculture market during the forecast period
The feeding management is expected to lead the precision aquaculture market during the forecast period. Factors contributing toward the growth of monitoring, control, and surveillance are increasing installation of automated aquaculture farms monitoring devices such as IoT-based monitoring devices, underwater ROVs, and smart camera systems and the growing focus of aquaculture farmers on effective management of fisheries to ensure improved farm productivity and efficiency.
China accounts for the largest share of the smart agriculture market in APAC during the forecast period
China is expected to account for the largest share of the smart agriculture market in APAC during the forecast period. It is one of the early adopters of smart agriculture technologies. The smart agriculture market in China is also expected to grow at the highest CAGR during the forecast period. The increasing demand for modern agricultural machinery and the growing adoption of new technologies are the major reasons behind the high growth of the smart agriculture market in China.
The report profiles key players in the smart agriculture market and analyzes their market shares. Players profiled in this report are John Deere (US), Trimble (US), Topcon Positioning Systems (US), DeLaval (Sweden), AKVA(Norway) Antelliq(France), Afimilk(Israel), InnovaSea Systems(US), Heliospectra(Sweden) and LumiGrow(US), ABACO(Italy), Treemetrics(Ireland), Raven Industries(US), AG Leader Technology(US), AgJunction(US), The Climate Corporation(US), Nedap(Netherlands), BouMatic(US), Fancom(Netherlands), Aquabyte(US), Steinsvik(Norway), VEMCO(Nova Scotia), Nexus Greenhouse Systems(US), Certhon (Netherlands), NV5 Geospatial(US), Hitachi Construction Machinery(Japan), Akuakare(Turkey), Gamaya(Switzerland), ec2ce(Spain), Eruvaka Technologies(India) and CropX Technologies(Israel).
Precision Farming Market by Technology (Guidance, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Variable Rate Application), Offering (Hardware—Sensors, GPS, Yield Monitors; Software; Services) and Geography - Global Forecast to 2025
Precision Farming Software Market by Delivery Model (Local/web-based, Cloud-Based, SaaS, PaaS), Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting), Service Provider, and Geography - Global Forecast to 2022
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.